Macron Pledges 700 Million Euros For New Solar Projects In Developing Countries

French President Emmanuel Macron on Sunday pledged hundreds of millions of dollars for solar projects in developing countries, as world leaders met in India to promote greater investment in renewable energy.

Macron, who in December warned that the global shift to a green energy future was too slow, said France would extend an extra 700 million euros ($861.5 million) through loans and donations by 2022 for solar projects in emerging economies.

France had already committed $300 million euros to the initiative when it co-founded with India a global alliance in 2015 to unlock new cash for solar projects in sunny yet poor nations. “We need to remove all obstacles and scale up,” Macron said at the launch of the International Solar Alliance in New Delhi on Sunday.

Prime Minister Narendra Modi, who has committed to reducing India’s sizeable carbon footprint through a massive scale-up in renewable energy, said it was vital that nations were not priced out.

“We have to make sure that a better and cost-effective solar technology is available to all,” Modi told the gathering of investors and world leaders from about 20 mainly African nations. “We will have to increase solar in our energy mix.”

India, the world’s third-largest polluter, is undergoing spectacular growth in its solar sector and is on track to become one of the world’s largest clean energy markets.